Financial guru Dave Ramsey says crypto is “fun” and can be a small part of investment portfolios. “It’s a commodity. Will it be here? Sure, it’s going to be around,” Ramsey said.
Dave Ramsey now considers cryptocurrency to be a commodity that is here to stay
Personal finance guru and Ramsey Solutions CEO Dave Ramsey discussed bitcoin and his new book titled “Baby Steps Millionaires” in an interview with Maria Bartiromo on Fox Business Tuesday.
Bartiromo asked him: “I know that you warned against crypto. This was called a “get-rich-quick” investment. Are you telling us that we do not have any exposure to crypto?” Ramsey replied:
You can do what you wish with the exposed money, provided it is not more than you can lose.
However, he cautioned: “We’ve got people mortgaging their homes. We’ve got people taking their retirement out of their 401k and dumping it into crypto as if it is a proven process to build wealth.”
While noting that “It’s just not a proven process,” he stressed:
It’s a commodity. It’s a commodity. Sure, it’s going to be around.
He elaborated: “I think it’s kind of fun. It’s a lot of fun to watch the entire thing. But, it’s an anomaly on the side. It shouldn’t be a big part of a personal financial plan to build wealth. It could be a small part — for entertainment.”
Ramsey has made great strides in his views regarding cryptocurrency and bitcoin. Ramsey expressed doubts that $100,000.00 worth of bitcoin could be cashed out on Dave Ramsey Show in December 2020. “If you really can cash it out and you might find out that this is funny money but I hope you can,” he said.
He told his listeners in April last year: “I would cash it all out tomorrow. I wouldn’t have been in it in the first place though.” In May last year, he explained: “We do not tell people to invest in highly volatile, unpredictable investments. That category includes currencies of all kinds. Bitcoin will be the most volatile among those, crypto would be the most volatile among those.”
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